It has been pointed out that
Korean service startups considering overseas expansion need to focus on
securing productivity, validity and usability of data.

According to the report
titled 'Global Expansion Strategies of Service Tech Startups' issued on August
19th by the Institute for International Trade (President, Shin
Seung-Kwan), of the Korea International Trade Association, the strategies of
the Korean startups that have successfully entered into overseas markets to
increase productivity, validity and usability of data through big data
collection, unique analysis technology, continuous verification and
complementation of business models and localization of the service were found
to be effective.

Company A has developed an Exchange
Traded Fund
(ETF) that enables to achieve high returns by analyzing financial data, which
is difficult to apply artificial intelligence (AI) technology due to high
volatility, with its unique AI technology. The company is the first to be
listed on the New York Stock as an AI-based ETF.

Company B has built a
rehabilitation platform that suggests customized rehabilitation treatment for
each patient by converging AI analysis engine, cloud server, treatment
equipment, and functional games. The company has significantly improved the
existing rehabilitation medical treatments that were only available at
hospitals with therapists and devices to be available at home and exported
their service worth more than 3.6 million dollars to the United States and
Germany.

The company C has developed
an application that enables real-time balance check, optimal plan
recommendation and mobile payment without using data after paying attention to
the fact that more than 90 percent of smartphone users in India use a prepaid
plan, but it is difficult to add credit and check the balance in real time.
Since then, the company has successfully settled in the Indian market and is
considered to have high growth potential.

Kim Bo-Kyung, a senior
researcher at the Institute for International Trade of the Korea International
Trade Association, said, "If the productivity, validity and usability of
data is increased, it can create a data network effect that leads 'more users → more data → user value increase → inflow of other users'.” The researcher also
mentioned, “Korean startups who want to expand their
businesses into overseas markets need to direct their attention to the
possibility of entering into developing countries that lack the service
infrastructure but have high demand for convenience and high mobile
penetration.”